L’expiation par l’austérité ou la stratégie de l’échec : une interprétation post-keynésienne de la crise des pays périphériques en zone euro

Abstract

This article deals with the sustainability of public debt within the Post-Keynesian framework proposed by Pasinetti in order to determine the stability conditions of the public debt/GDP ratio. This alternative and simple technique is used to assess the impact of austerity policies in some peripheral countries of the Eurozone, insisting on the bad diagnosis addressed about the causes of fiscal deficits. We show that these countries are compelled to ‘expiate’ sins they have not committed accepting austerity measures with noticeably dubious impacts